Recently, I have been thinking about a question: why can ETH support its current market capitalization? I flipped through some information and found that the answer was hidden in three main lines.

Let's talk about platform gameplay first. Ethereum's routine is actually special for the Internet - it relies on L2 solutions (such as Rollups) to lower fees and speed up in the early stage, attracting DeFi projects and NFT players to flock in. After the user habit is formed, the mainnet TPS will be uploaded and then slowly take over the work of large-amount settlement. This logic is the same as Alipay's idea of burning money to grab users in the early years: enclosing land first, then collecting rent.

Let's look at how to calculate the valuation. The floor price of ETH is actually anchored to TVL (total locked amount) - the more money locked in the ecosystem, the higher the lower limit of the currency price. Once the user is tied to the application, the platform cannot run away by raising the handling fee, and this part of the profit feeds back to the ecology, forming a positive cycle. Now RWA (moving real assets such as real estate and bonds to the chain) and US stock tokenization are gaining momentum, and some people have calculated according to the 30-year cycle: if the scale of stablecoins reaches 3 trillion yuan and RWA reaches 20 trillion yuan, the market value of ETH to 3 trillion yuan is not a dream.

Finally, let's talk about currency attributes. This is quite subtle - ETH is moving from a simple payment instrument to a "currency settlement layer". What does it mean? It is not just a token for transfers, but a liquidation infrastructure for the entire on-chain economy. Once this positioning is firmly established, the imagination space is completely different.

Of course, these deductions are based on the premise that the ecosystem can continue to expand. But at least from a logical point of view, ETH's "traffic-ecology-settlement" flywheel is indeed much more solid than the concept of simple speculation.